Digital platform established to enable person-to-person remittances between India and Nepal
New Delhi, 9 June: NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), and Nepal Clearning House Ltd (NCHL) have joined hands to enable real-time, low-cost and secure cross-border remittances between India and Nepal.
NIPL and NCHL, which is the primary payments facilitator in Nepal, have launched payment linkage between India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI) platforms.
The platform will enable Indian and Nepalese users in India and Indian users in Nepal to make seamless person-to-person (P2P) transfers.
Now live through select banks, the service will soon be expanded to additional banks, further enhancing accessibility across a wide range of financial institutions, the NPCI said in a statement.
Indian and Nepalese users can now send money to Nepal using the receivers’ mobile numbers or virtual payment addresses (VPAs), while Indian users can transfer funds to India from Nepal using UPI IDs.
This process removes the need to share sensitive bank account information, offering a simplified, secure, and convenient experience for users on both sides of the border.
Commenting on the development, Ritesh Shukla, MD & CEO, NPCI International, said “By creating a real-time, affordable, and secure corridor for cross-border remittances, we are not only simplifying the remittance process for families in both nations but also promoting financial inclusion.”
Neelesh Man Singh Pradhan, Chief Executive Officer, NCHL, said, “The successful launch of this linkage between Nepal and India is a testament to our close collaboration and commitment for making cross border fund transfer seamless, real-time and convenient. As we embark together on a digital payments journey, we look forward to add more services and ensure inclusion for the millions of people and businesses at both the sides.”
About NPCI International:
NPCI International Payments Limited (NIPL) was incorporated on April 3, 2020, as a wholly owned subsidiary of the National Payments Corporation of India (NPCI).
As NPCI’s international arm, NIPL is devoted to deploying NPCI’s indigenous, successful real-time payment system—Unified Payments Interface (UPI)—and card scheme (RuPay) outside of India.
NPCI has successfully developed and proved its products and technological capabilities in the domestic market by transforming the payment segment in India.
Currently, there are several countries that seek to establish a real-time payment system or a domestic card scheme.
About NCHL:
Nepal Clearing House Ltd. (NCHL) is a public limited company promoted by Nepal Rastra Bank (Central Bank of Nepal) along with Banks & Financial Institutions with the objective of establishing national electronic payment infrastructure, clearing, and settlement systems in Nepal.
NCHL has successfully implemented the electronic image-based cheque clearing (NCHL-ECC) system, interbank payment system (NCHL-IPS), connectIPS, CORPORATEPAY (B2B payment platform), connectRTGS, National Payment Interface (NPI), EFT Card Services, NEPALPAY QR (interoperable domestic QR scheme and network), Retail Payment Switch (RPS), National Card Switch (NCS) and domestic card scheme- NEPALPAY card.
Recently, it has been collaborating with regional and international networks, aggregators and clearing houses to enable real-time cross border payments. (BVI)
